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March 31, 2010 | Unaudited Interim Consolidated Financial Statements |
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Suite 1188, 550 Burrard Street Vancouver, British Columbia V6C 2B5
Phone: (604) 687-4018 Fax: (604) 687-4026 |
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Eldorado Gold Corporation
Unaudited Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars)
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| March 31, |
| December 31, |
| 2010 | 2009 | ||
Assets |
| $ |
| $ |
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Current assets |
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Cash and cash equivalents |
| 283,141 |
| 265,369 |
Restricted cash (note 4) |
| 52,121 |
| 50,000 |
Marketable securities |
| 15,559 |
| 13,951 |
Accounts receivable and other |
| 26,174 |
| 26,434 |
Inventories |
| 121,516 |
| 129,197 |
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| 498,511 |
| 484,951 |
Inventories |
| 38,567 |
| 31,534 |
Restricted assets and other |
| 16,724 |
| 13,872 |
Mining interests |
| 2,606,048 |
| 2,580,816 |
Goodwill |
| 324,935 |
| 324,935 |
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| 3,484,785 |
| 3,436,108 |
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Liabilities |
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Current liabilities |
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Accounts payable and accrued liabilities |
| 140,191 |
| 157,250 |
Debt - current |
| 61,626 |
| 56,499 |
Future income taxes |
| 4,437 |
| 4,264 |
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| 206,254 |
| 218,013 |
Debt - long-term |
| 129,618 |
| 134,533 |
Asset retirement obligations |
| 27,152 |
| 26,566 |
Future income taxes |
| 386,643 |
| 390,242 |
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| 749,667 |
| 769,354 |
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Non-controlling interest |
| 27,663 |
| 26,144 |
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Shareholders* equity |
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Share capital (note 6(b)) |
| 2,679,209 |
| 2,671,634 |
Contributed surplus (note 6(c)) |
| 22,831 |
| 17,865 |
Accumulated other comprehensive income (loss) (note 6(d)) |
| 3,686 |
| 2,227 |
Retained earnings (deficit) |
| 1,729 |
| (51,116) |
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| 2,707,455 |
| 2,640,610 |
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| 3,484,785 |
| 3,436,108 |
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(Signed) Robert R. Gilmore Director (Signed) Paul N. Wright Director
See accompanying notes to consolidated financial statements.
Eldorado Gold Corporation
Unaudited Consolidated Statements of Operations and Retained Earnings (Deficit)
For the three months ended March 31,
(Expressed in thousands of U.S. dollars except per share amounts)
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| 2010 |
| 2009 |
$ | $ | |||
Revenue |
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Gold sales |
| 181,479 |
| 52,206 |
Interest and other income |
| 671 |
| 196 |
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| 182,150 |
| 52,402 |
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Expenses |
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Operating costs |
| 66,873 |
| 18,442 |
Depletion, depreciation and amortization |
| 23,242 |
| 4,460 |
General and administrative |
| 15,529 |
| 8,762 |
Exploration |
| 3,602 |
| 2,062 |
Mine standby costs |
| 706 |
| - |
Asset retirement obligation costs |
| 513 |
| 53 |
Foreign exchange gain |
| (3,680) |
| (3,089) |
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| 106,785 |
| 30,690 |
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Gain on disposal of assets |
| (1,506) |
| - |
(Gain) loss on marketable securities |
| (1,112) |
| 964 |
Interest and financing costs |
| 2,613 |
| 81 |
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| 106,780 |
| 31,735 |
Income before income taxes and non-controlling interest |
| 75,370 |
| 20,667 |
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Income tax (expense) recovery |
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Current |
| (21,131) |
| (6,017) |
Future |
| 1,412 |
| (1,227) |
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| (19,719) |
| (7,244) |
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Non-controlling interest |
| (2,806) |
| (362) |
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Net income for the period |
| 52,845 |
| 13,061 |
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Deficit, beginning of period |
| (51,116) |
| (153,520) |
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Retained earnings (deficit), end of period |
| 1,729 |
| (140,459) |
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Weighted average number of shares outstanding |
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Basic |
| 538,009 |
| 369,862 |
Diluted | 540,911 |
| 371,833 | |
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Earnings per share |
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Basic income per share - US$ |
| 0.10 |
| 0.04 |
Diluted income per share - US$ |
| 0.10 |
| 0.04 |
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See accompanying notes to consolidated financial statements.
Eldorado Gold Corporation
Unaudited Consolidated Statements of Operations and Retained Earnings (Deficit)
For the three months ended March 31,
(Expressed in thousands of U.S. dollars except per share amounts)
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| 2010 |
| 2009 |
$ | $ | |||
Cash flows generated from (used in): |
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Operating activities |
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Net income for the period |
| 52,845 |
| 13,061 |
Items not affecting cash |
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Asset retirement obligations costs |
| 513 |
| 53 |
Depletion, depreciation and amortization |
| 23,242 |
| 4,460 |
Unrealized foreign exchange gain |
| (2,121) |
| (2,683) |
Future income taxes (recovery) expense |
| (1,412) |
| 1,227 |
Gain on disposal of assets |
| (1,506) |
| - |
(Gain) loss on marketable securities |
| (1,112) |
| 964 |
Stock-based compensation (note 7 (b)) |
| 6,947 |
| 3,080 |
Pension expense (note 5) |
| 623 |
| 198 |
Non-controlling interest |
| 2,806 |
| 362 |
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| 80,825 |
| 20,722 |
Bonus cash award units payments (note 7 (c)) |
| - |
| (2,059) |
Changes in non-cash working capital (note 8) |
| (18,386) |
| 7,210 |
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| 62,439 |
| 25,873 |
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Investing activities |
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Mining interests |
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Capital expenditures |
| (47,300) |
| (19,029) |
Sales and disposals |
| 2,266 |
| - |
Marketable securities |
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Disposals |
| 692 |
| 30,457 |
Pension plan contributions |
| - |
| (1,759) |
Restricted cash |
| (2,121) |
| (5,500) |
Restricted assets and other |
| (2,512) |
| (25) |
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| (48,975) |
| 4,144 |
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Financing activities |
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Capital stock |
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Issuance of common shares for cash (note 6 (b)) |
| 5,594 |
| 11,110 |
Dividend paid to non-controlling interest |
| (1,286) |
| - |
Long-term and bank debt proceeds |
| - |
| 4,976 |
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| 4,308 |
| 16,086 |
Net increase in cash and cash equivalents |
| 17,772 |
| 46,103 |
Cash and cash equivalents - beginning of period |
| 265,369 |
| 61,851 |
Cash and cash equivalents - end of period |
| 283,141 |
| 107,954 |
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Supplementary cash flow information (note 8) |
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See accompanying notes to the consolidated financial statements.
Eldorado Gold Corporation
Unaudited Consolidated Statements of Comprehensive Income
For the three months ended March 31,
(Expressed in thousands of U.S. dollars, unless otherwise stated)
| 2010 | 2009 |
| $ | $ |
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Net earnings for the period ended March 31, | 52,845 | 13,061 |
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Other comprehensive income | ||
Unrealized gains on available-for-sale investments – net of taxes of $106 (2009 - nil) (note 6(d)) | 1,459 | 2,313 |
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Comprehensive income for the period ended March 31, | 54,304 | 15,374 |
See accompanying notes to the consolidated financial statements.
Eldorado Gold Corporation
Notes to the Unaudited Interim Consolidated Financial Statements
March 31, 2010
(Expressed in thousands of U.S. dollars, unless otherwise stated)
1.
Nature of operations
Eldorado Gold Corporation (“Eldorado” or the “Company”) is a gold exploration, development, mining and production company. The Company has ongoing exploration and development projects in Turkey, China, Greece and Brazil. Production operations in Brazil ceased in the second quarter of 2007 and the São Bento mine (“São Bento”) was sold to AngloGold Ashanti on December 15, 2008. The Company acquired control of Sino Gold Mining Ltd. (“Sino Gold”) in December 2009, along with its two producing mines, Jinfeng and White Mountain, as well as the Eastern Dragon exploration project.
These unaudited interim consolidated financial statements were prepared by Eldorado in accordance with Canadian generally accepted accounting principles (“Canadian GAAP”) consistent with those used to prepare Eldorado’s audited consolidated financial statements for the year ended December 31, 2009. As these unaudited interim consolidated financial statements do not contain all of the disclosures required by Canadian GAAP for annual financial statements, they should be read in conjunction with the notes to the Company’s audited consolidated financial statements for the year ended December 31, 2009.
In the opinion of management, Eldorado has made all adjustments necessary to present fairly the Company’s consolidated financial position as at March 31, 2010 and the consolidated results of operations, cash flows and comprehensive income for the three-month periods ended March 31, 2010 and 2009.
Certain comparative figures have been reclassified to conform to the current period’s presentation.
2.
New accounting developments
Business Combinations (Section 1582)
In January 2009, the CICA issued Section 1582,Business Combinations, which requires that all assets and liabilities of an acquired business be recorded at fair value at acquisition. Obligations for contingent considerations and contingencies will also be recorded at fair value at the acquisition date. The standard also states that acquisition-related costs will be expensed as incurred and that restructuring charges will be expensed in the periods after the acquisition date. The Section applies prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period on or after January 1, 2011. The Company has not yet adopted this standard.
Consolidations (Section 1601) and Non-Controlling Interest (Section 1602)
In January 2009, the CICA issued Section 1601,Consolidations, and Section 1602,Non-Controlling Interests. Section 1601 establishes standards for preparing consolidated financial statements and Section 1602 establishes standards for accounting for a non-controlling interest in a subsidiary in consolidated financial statements subsequent to a business combination. These standards apply to interim and annual consolidated financial statements relating to fiscal years beginning on or after January 1, 2011. The Company has not yet adopted these standards.
Eldorado Gold Corporation
Notes to the Unaudited Interim Consolidated Financial Statements
March 31, 2010
(Expressed in thousands of U.S. dollars, unless otherwise stated)
2.
New accounting developments(continued)
International Financial Reporting Standards
Canadian public companies will be required to prepare their financial statements in accordance with IFRS, as issued by the International Accounting Standards Board, for financial years beginning on or after January 1, 2011. Effective January 1, 2011, the Company will adopt IFRS as the basis for preparing its consolidated financial statements. The Company will issue its financial results for the quarter ended March 31, 2011 prepared on an IFRS basis and provide comparative data on an IFRS basis as required.
3.
Business acquisition
On December 15, 2009, Eldorado acquired all of the outstanding Sino Gold Securities not previously held by the Company. A preliminary allocation of the purchase price was disclosed in our December 31, 2009 Consolidated Financial Statements.
As of March 31, 2010 there have been no changes to the preliminary allocation.
4.
Restricted cash
Restricted cash represents short-term interest-bearing money market securities and funds held on deposit as collateral. The Company had the following restricted cash:
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| March 31, 2010 $ |
| December 31, 2009 $ |
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Collateral account against Eastern Dragon CMB Standby letter of credit loan |
| 52,121 |
| - |
Collateral account against Eastern Dragon CCB loan |
| - |
| 50,000 |
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Total |
| 52,121 |
| 50,000 |
5.
Defined benefit plans expense
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| March 31, 2010 $ |
| March 31, 2009 $ |
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Pension plan expense |
| 50 |
| 17 |
SERP expense * |
| 573 |
| 181 |
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Total |
| 623 |
| 198 |
* Non-registered supplemental retirement plan
Eldorado Gold Corporation
Notes to the Unaudited Interim Consolidated Financial Statements
March 31, 2010
(Expressed in thousands of U.S. dollars, unless otherwise stated)
6.
Shareholders’ equity
(a)
Authorized share capital
The Company’s authorized share capital consists of an unlimited number of voting common shares without par value and an unlimited number of non-voting common shares without par value. At March 31, 2010 there were no non-voting common shares outstanding.
(b)
Issued and outstanding share capital
Voting common shares |
| Number of shares |
| Amount $ |
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Balance, December 31, 2009 |
| 537,136,235 |
| 2,671,634 |
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Shares issued upon exercise of share options, for cash |
| 1,037,166 |
| 5,594 |
Grant date fair value of share options exercised |
| - |
| 1,981 |
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Balance, March 31, 2010 |
| 538,173,401 |
| 2,679,209 |
(c)
Contributed surplus
The continuity of contributed surplus on the Consolidated Balance Sheet is as follows:
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| Contributed surplus attributable to: | |||||
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| Stock-based compensation $ |
| Other $ |
| Total $ | |
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Balance, December 31, 2009 |
| 16,771 |
| 1,094 |
| 17,865 | |
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Non-cash stock-based compensation |
| 6,947 |
| - |
| 6,947 | |
Options exercised, credited to share capital |
| (1,981) |
| - |
| (1,981) | |
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Balance, March 31, 2010 |
| 21,737 |
| 1,094 |
| 22,831 |
Eldorado Gold Corporation
Notes to the Unaudited Interim Consolidated Financial Statements
March 31, 2010
(Expressed in thousands of U.S. dollars, unless otherwise stated)
6. Shareholders’ equity(continued)
(d)
Accumulated other comprehensive income (loss)
Accumulated other comprehensive income includes the following:
| Three months ended March 31, 2010 $ |
| Year ended December 31, 2009 $ |
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Balance, beginning of period | 2,227 | (5,971) | |
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Unrealized gains on available-for-sale investment – net of taxes of $106 (2009 - $320) | 1,459 | 129,098 | |
Reversal on acquisition of subsidiary | - | (122,617) | |
Realized losses on sale of available-for-sale investment transferred to net income | - | 1,717 | |
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Balance, end of period | 3,686 | 2,227 |
7.
Stock-based compensation
(a)
Share option plans
The continuity of share purchase options outstanding is as follows:
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| Weighted average exercise price Cdn$ |
| Number of options |
| Contractual weighted average remaining life (years) |
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Balance, December 31, 2009 |
| 6.11 |
| 8,928,901 |
| 3.3 |
Granted |
| 13.29 |
| 5,382,500 |
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Exercised |
| 5.57 |
| (1,037,166) |
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Forfeited |
| 9.57 |
| (152,334) |
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Balance, March 31, 2010 |
| 9.06 |
| 13,121,901 |
| 3.8 |
At March 31, 2010, 7,308,564 share purchase options (December 31, 2009 – 5,528,557) with a weighted average exercise price of Cdn$8.17 (December 31, 2009 – Cdn$6.16) had vested and were exercisable.
Eldorado Gold Corporation
Notes to the Unaudited Interim Consolidated Financial Statements
March 31, 2010
(Expressed in thousands of U.S. dollars, unless otherwise stated)
7. Stock-based compensation(continued)
Options outstanding at March 31, 2010 are as follows:
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| Total options outstanding |
| Exercisable options | ||||||
Range of exercise price Cdn$ |
| Shares
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| Weighted average remaining contractual life (years) |
| Weighted average exercise price Cdn$ |
| Shares
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| Weighted average exercise price Cdn$ |
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$4.00 to $4.99 |
| 3,429,958 |
| 3.6 |
| 4.88 |
| 1,529,624 |
| 4.88 |
$5.00 to $5.99 |
| 225,143 |
| 2.4 |
| 5.21 |
| 220,143 |
| 5.21 |
$6.00 to $6.99 |
| 1,617,800 |
| 2.9 |
| 6.44 |
| 1,604,466 |
| 6.44 |
$7.00 to $7.99 |
| 1,896,500 |
| 2.1 |
| 7.18 |
| 1,782,833 |
| 7.14 |
$9.00 to $9.99 |
| 550,000 |
| 4.0 |
| 9.56 |
| 283,999 |
| 9.57 |
$11.00 to $11.99 |
| 90,000 |
| 4.4 |
| 11.83 |
| 30,000 |
| 11.83 |
$12.00 to $12.99 |
| 400,000 |
| 5.0 |
| 12.86 |
| 133,333 |
| 12.86 |
$13.00 to $13.99 |
| 4,712,500 |
| 4.8 |
| 13.23 |
| 1,524,166 |
| 13.23 |
$15.00 to $15.99 |
| 200,000 |
| 2.4 |
| 15.53 |
| 200,000 |
| 15.53 |
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| 13,121,901 |
| 3.8 |
| 9.06 |
| 7,308,564 |
| 8.17 |
(b)
Stock-based compensation expense
Stock-based compensation expense incurred to March 31, 2010 has been included in the undernoted expenses in the Consolidated Statements of Operations and Retained Earnings (Deficit) as follows:
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| Three months ended March 31, | ||
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| 2010 $ |
| 2009 $ |
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Operating costs |
| 2,283 |
| 756 |
Exploration |
| 269 |
| 226 |
Administrative |
| 4,395 |
| 1,539 |
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Total |
| 6,947 |
| 2,521 |
(c)
Bonus Cash Award Units plan
As of March 31, 2010 all Bonus Cash Award Units awarded by the Company were exercised. The Company paid $2,059 in bonus cash award units in the three months ended March 31, 2009. The related cost in the amount of $559 was included in general and administrative expense in the Consolidated Statements of Operations and Retained Earnings (Deficit) for the same period.
Eldorado Gold Corporation
Notes to the Unaudited Interim Consolidated Financial Statements
March 31, 2010
(Expressed in thousands of U.S. dollars, unless otherwise stated)
8.
Supplementary cash flow information
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| Three months ended March 31, | ||
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| 2010 $ |
| 2009 $ |
Changes in non-cash working capital |
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Accounts receivable and other |
| 181 |
| 21,177 |
Inventories |
| 242 |
| (6,392) |
Accounts payable and accrued liabilities |
| (18,809) |
| (7,575) |
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| (18,386) |
| 7,210 |
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Supplementary cash flow information |
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Income taxes paid |
| 20,708 |
| - |
Interest paid |
| 2,638 |
| - |
9.
Segmented information
During the period ended March 31, 2010, Eldorado had five reporting segments. The Brazil reporting segment includes the development activities of Vila Nova and exploration activities in Brazil. The Turkey reporting segment includes the operations of the Kişladağ mine, development activities of the Efemçukuru project and exploration activities in Turkey. The China reporting segment includes the operations of the Tanjianshan mine, Jinfeng mine, White Mountain mine, the Eastern Dragon exploration project and exploration activities in China. The Greece reporting segment includes development activities on the Perama Hill project. The Other reporting segment includes the operations of the Company’s corporate office and exploration activities in other countries.
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| March 31, 2010 | ||||||||||
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| Turkey $ |
| China $ |
| Brazil $ |
| Greece $ |
| Other $ | Total $ | |
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Net mining interests |
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Producing properties |
| 199,587 |
| 1,241,153 |
| - |
| - |
| - | 1,440,740 | |
Properties under development |
| 112,089 |
| - |
| - |
| 209,868 |
| - | 321,957 | |
Iron ore property |
| - |
| - |
| 47,258 |
| - |
| - | 47,258 | |
Other mining interests |
| 10,309 |
| 766,347 |
| 17,024 |
| - |
| 2,413 | 796,093 | |
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| |
|
| 321,985 |
| 2,007,500 |
| 64,282 |
| 209,868 |
| 2,413 | 2,606,048 |
Goodwill |
| - |
| 324,935 |
| - |
| - |
| - | 324,935 |
Eldorado Gold Corporation
Notes to the Unaudited Interim Consolidated Financial Statements
March 31, 2010
(Expressed in thousands of U.S. dollars, unless otherwise stated)
9. Segmented information(continued)
|
| December 31, 2009 | ||||||||||
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| Turkey $ |
| China $ |
| Brazil $ |
| Greece $ |
| Other $ | Total $ | |
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Net mining interests |
|
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Producing properties |
| 196,066 |
| 1,261,367 |
| - |
| - |
| - | 1,457,433 | |
Properties under development |
| 96,275 |
| - |
| - |
| 209,408 |
| - | 305,683 | |
Iron ore property |
| - |
| - |
| 47,212 |
| - |
| - | 47,212 | |
Other mining interests |
| 7,214 |
| 745,187 |
| 15,544 |
| - |
| 2,543 | 770,488 | |
|
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| |
|
| 299,555 |
| 2,006,554 |
| 62,756 |
| 209,408 |
| 2,543 | 2,580,816 |
Goodwill |
| - |
| 324,935 |
| - |
| - |
| - | 324,935 |
Operations
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| For the three months ended March 31, 2010 | ||||||||||
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| |
|
| Turkey $ |
| China $ |
| Brazil $ |
| Greece $ |
| Other $ | Total $ | |
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Revenue |
|
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Gold sales |
| 93,010 |
| 88,469 |
| - |
| - |
| - | 181,479 | |
Interest and other income |
| 130 |
| 485 |
| - |
| - |
| 56 | 671 | |
|
| 93,140 |
| 88,954 |
| - |
| - |
| 56 | 182,150 | |
Expenses (income) except the undernoted |
| 27,523 |
| 43,844 |
| 178 |
| (1,927) |
| 11,118 | 80,736 | |
Depletion, depreciation and amortization |
| 4,477 |
| 18,456 |
| 18 |
| - |
| 291 | 23,242 | |
Exploration |
| 1,274 |
| 957 |
| 524 |
| - |
| 847 | 3,602 | |
Mine standby costs |
| - |
| - |
| 706 |
| - |
| - | 706 | |
Gain on disposal of assets |
| - |
| (1,504) |
| - |
| - |
| (2) | (1,506) | |
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|
|
|
|
|
|
|
|
|
| |
Income (loss) before tax |
| 59,866 |
| 27,201 |
| (1,426) |
| 1,927 |
| (12,198) | 75,370 | |
Income tax (expense) recovery |
| (12,530) |
| (7,272) |
| - |
| - |
| 83 | (19,719) | |
Non-controlling interest |
| - |
| (2.806) |
| - |
| - |
| - | (2,806) | |
|
|
|
|
|
|
|
|
|
|
|
| |
Net income (loss) |
| 47,336 |
| 17,123 |
| (1,426) |
| 1,927 |
| (12,115) | 52,845 |
Eldorado Gold Corporation
Notes to the Unaudited Interim Consolidated Financial Statements
March 31, 2010
(Expressed in thousands of U.S. dollars, unless otherwise stated)
9. Segmented information(continued)
|
| For the three months ended March 31, 2009 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Turkey $ |
| China $ |
| Brazil $ |
| Greece $ |
| Other $ | Total $ | |
|
|
|
|
|
|
|
|
|
|
|
| |
Revenue |
|
|
|
|
|
|
|
|
|
|
| |
Gold sales |
| 41,080 |
| 11,126 |
| - |
| - |
| - | 52,206 | |
Interest and other income |
| 76 |
| 32 |
| 2 |
| - |
| 86 | 196 | |
|
| 41,156 |
| 11,158 |
| 2 |
| - |
| 86 | 52,402 | |
Expenses (income) except the undernoted |
| 13,160 |
| 5,690 |
| 350 |
| (2,196) |
| 8,209 | 25,213 | |
Depletion, depreciation and amortization |
| 2,194 |
| 1,947 |
| 143 |
| - |
| 176 | 4,460 | |
Exploration |
| 1,234 |
| 191 |
| 162 |
| - |
| 475 | 2,062 | |
|
|
|
|
|
|
|
|
|
|
|
| |
Income (loss) before tax |
| 24,568 |
| 3,330 |
| (653) |
| 2,196 |
| (8,774) | 20,667 | |
Income tax expense |
| (6,609) |
| (618) |
| - |
| - |
| (17) | (7,244) | |
Non-controlling interest |
| - |
| (362) |
| - |
| - |
| - | (362) | |
|
|
|
|
|
|
|
|
|
|
|
| |
Net income (loss) |
| 17,959 |
| 2,350 |
| (653) |
| 2,196 |
| (8,791) | 13,061 |